IJH dominated by bulls lifting the market higher throughout the day
iShares Core S&P Mid-Cap ETF (IJH) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, IJH finished the month 0.97% higher at 177.82 after gaining $2.30 (1.31%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 175.90, the ETF confirmed its breakout through the previous session high after trading up to $2.44 above it intraday.
Daily Candlestick Chart (IJH as at Jun 30, 2020):
Tuesday's trading range has been $3.44 (1.97%), that's below the last trading month's daily average range of $4.60. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for IJH.
One bullish candlestick pattern matches today's price action, the White Candle.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could speed up should prices move above the nearby swing high at 180.98 where further buy stops might get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Its common bullish interpretation has been confirmed for IJH. Out of 684 times, IJH closed higher 54.24% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 59.94% with an average market move of 0.34%.